SWM will be launched in the first quarter of 2012, subject to the approval of the Financial Services Authority (FSA).
Succession said that the first five firms will be 100% acquired by SWM, creating a single firm that will oversee two restricted businesses: Succession Wealth Management and Succession Financial Management.
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Succession, which extends its services across the UK in 50 locations with assets under influence of GBP6 billion, also has an additional 40 partner firms, in each of which it has at least a 15% stake, that it plans to eventually merge into SWM.
Simon Chamberlain, CEO of Succession Advisory Services said, "Having rapidly achieved our plans, there was a real appetite to accelerate consolidation for those partner firms who had completed transition and were sitting on significant capital value within their business models."
To completely consolidate its position, the firm is also planning to co-ordinate a single, back office system among partner firms and create efficiencies in client processing and IT services.
Moving forward, Succession is also planning to change its policy of assisting independent financial advisors (IFAs) partner businesses and help them grow organically rather than helping new IFA firms.
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By GlobalData"Succession wealth management business is rapidly developing into a national wealth manager. We will be putting this panel together in the first quarter of 2012," added Chamberlain.
